New Decade, New Rules – Incoterms 2020
Submitted by KeithDaniel on
On 1 January 2020, upon the arrival of a new decade, an updated version of the International Chamber of Commerce’s (ICC) Incoterms rules came into force.
Incoterms are a set of rules which facilitate the conduct of global trade between a seller and a buyer, covering some of the practical elements of a contract (such as transport and delivery). However, they do not address key commercial considerations such as price, payment, liability or title, which the parties must address themselves.